Based on its recently released FY 2021 results, Dangote Cement sustained the upbeat it started the year with, recording a solid 33.8% y/y growth in Revenue to N1.38tn in FY 2021 from N1.03bn in FY 2020. The actual full-year Revenue is slightly ahead of our 2021 estimates by 3.7%. In Q4 2021, performance was moderately better compared to Q3 2021 as Revenue was up by 9.0% q/q to N361.5bn. In line with our prognosis, Q4 revenue was the highest in the year as the quarter is historically proven to be the best quarter for the cement players. One, the early dry season in Q4 is best suited for construction and housing developments in Nigeria. Moreso, the euphoria towards completing many residential homes before the yuletide season amidst the newly launched 3MT Okpella plant to capture growing cement demand must have also aided growth. Specifically, Revenue from the Nigerian operations increased by 38.7% y/y to N993.4bn in FY 2021 on the back of higher realized prices (+18.1% y/y) and strong volume growth (+16.8% y/y). Similarly, for the Pan African region, Revenue increased by 24.7% y/y to N397.3bn in FY 2021 owing to better price per tonne (+14.6% y/y) and volume growth (+8.8% y/y).